Mgt401 Financial Accounting II Quiz no.1 Ideal solution Fall 2014 14,Nov,2014.






Question # 1 of 10 ( Start time: 10:07:31 PM ) Total Marks: 1
Which of the following sections of the Companies Ordinance 1984 is related to the Statutory Meeting?
Select correct option:
Section 157
Section 158
Section 159
Section 160
Question # 2 of 10 ( Start time: 10:08:16 PM ) Total Marks: 1
Which one of the following is(are) NOT recorded under Current Liabilities section of the Balance Sheet?
Select correct option:
Debentures
Deferred Taxation
Obligation Under Finance Lease
All of the given options
Question # 3 of 10 ( Start time: 10:09:40 PM ) Total Marks: 1
Which of the following sections of Companies Ordinance 1984 are related to the Non Profit oriented entities?
Select correct option:
Section 42
Section 43
Section 44
Section 45
Question # 4 of 10 ( Start time: 10:11:04 PM ) Total Marks: 1
Preparation and presentation of Financial Statements are governed by:
Select correct option:
Companies Ordinance 1984
International Accounting Standards
International Financial Reporting Standards
All of the given options
Question # 5 of 10 ( Start time: 10:12:19 PM ) Total Marks: 1
Depreciation is:
Select correct option:
A systematic allocation of depreciable amount of an asset over its estimated useful life
The end life of an asset
The increase in value of asset
Another name of Impairment
Question # 6 of 10 ( Start time: 10:12:45 PM ) Total Marks: 1
Which of the following IAS deals with the related party?
Select correct option:
IAS 23
IAS 02
IAS 24
IAS 28
Question # 7 of 10 ( Start time: 10:13:21 PM ) Total Marks: 1
Surplus on revaluation of an asset is a/an:
Select correct option:
Realized reserve
Notional reserve
Actual reserve
Repurchased reserve
Question # 8 of 10 ( Start time: 10:14:39 PM ) Total Marks: 1
Which institute governs over incorporation and continuation of companies in Pakistan?
Select correct option:
SEC
SECI
SECP
SECB
Question # 9 of 10 ( Start time: 10:15:36 PM ) Total Marks: 1
If the holding company owns more then 50% but less then 100% shares of the subsidiary company then the subsidiary type will be termed as:
Select correct option:
Partially owned subsidiary
Wholly owned subsidiary
Direct subsidiary
Indirect subsidiary
Question # 10 of 10 ( Start time: 10:17:04 PM ) Total Marks: 1
Which of the following is the ability to govern the financial and operating policies of an enterprise so as to obtain from its activities?
Select correct option:
Control
Significant Influence
Direct Subsidiary
Indirect Subsidiary

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